RBI likely to raise repo rate again as rupee slide accelerates

The greenback rose about 0.3 per cent against a basket of currencies after news that United States service sector activity raced to a 21-year high in September.

The Indonesian rupiah continued to decline, falling as much as 0.7 per cent versus the dollar and at its weakest in more than 20 years.

It also called for strengthening domestic macro economic fundamentals noting the rising global headwinds including trade tension, rising crude oil prices and tightening global liquidity conditions. South African rand, Mexican peso and Australian dollar also dropped up to 1.5%.

Investors remained concerned over sustained foreign capital outflows and soaring crude oil prices that crossed the Dollars 85 per barrel.

A plunging currency may prompt the Reserve Bank of India to hike interest rates for the third time since June when it meets on Friday.

"For bond markets, a 25 bps hike accompanied by a hawkish stance could trigger the 10-year bond yield to rise to 8.25 per cent", Rao told Reuters after yields surged on Thursday.

A powerful earthquake rocked Indonesia
For now, many people are having to sleep on the street with limited access to food or vital medications, the BBC reports . A major problem is that the quake fractured and destroyed numerous roads, leaving some areas isolated and inaccessible.

Analysts attribute the collapsing of the rupee to the weak global trade sentiment, rising crude oil prices and higher demand for the US dollars.

Stocks markets crashed up to 2.24% due to heavy selling pressure banking, energy, pharma and IT stocks.

Besides, state-owned oil marketing companies have been allowed to raise Dollars 10 billion from overseas market to meet their working capital needs.

The central government and mostly BJP-led states announced a cut in excise and Value-Added Tax rates to reduce fuel prices by 5 per litre. On Monday, INR had closed at 72.91 per dollar.

The rupee Friday breached the 74-mark against USA dollar for the first time as the Reserve Bank of India announced its key policy rate would remain unchanged.

The rupee, however, made a spirited recovery of 23 paise from lifetime lows in last 15 minutes of trade backed by the government steps to reduce oil prices.

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